17650 Walnut Trl

Bainbridge, OH 44023

$230,000B+

3 bd · 2.5 ba · 1,740 sqft · Built 1978 · Condo · Contingent · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,600/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$441
• HOA: −$563
• Vac / Maint / Mgmt: −$756
• Net cashflow: $634/mo
• Annual: $7,606/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.81%
• DSCR: 1.53
• 1% rule: 1.57%
• Cash to close: $64,400

Investor read

• This is a 3-bed/2.5-bath condo listed at $230k.
• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $230k).
• It's been on market 100 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#546 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Kenston Local (suburban): math 82% / reading 84% proficiency, ranked #24 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Timmons Elementary School (math 92% / reading 77%, grade A+, #68 of 1,584 statewide, top 6%, 798 students, 6% FRL); Kenston Middle School (math 80% / reading 83%, grade A+, #36 of 654 statewide, top 6%, 602 students, 10% FRL); Kenston High School (math 78% / reading 90%, grade A, #17 of 781 statewide, top 2%, 790 students, 7% FRL) — zoned schools at 8% FRL track the district average.
• Market conditions: 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 220 units permitted in Geauga County in 2024 (0 in 5+ unit buildings).
• Geauga County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $142k; list at $230k implies a 62% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 2.1% in Bainbridge — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($130k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.